Global Advanced Suspension Control System Market Forecast 2024-2033: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The advanced suspension control system market size has experienced rapid growth in recent years, escalating from $14.5 billion in 2023 to $16.14 billion in 2024, with a compound annual growth rate (CAGR) of 11.3%. The historic period’s growth is attributed to strong economic growth in emerging markets, increased demand for luxurious sports cars, heightened sales of hybrid electric vehicles (HEVs), and infrastructure development. Looking ahead, the market is expected to witness rapid growth, reaching $24.26 billion in 2028 at a CAGR of 10.7%. This growth in the forecast period is driven by the increasing demand for electric vehicles, rising automobile production, rapid urbanization, and growing government support. Major trends in the forecast period include the launch of new chassis suspension systems to enhance vehicle performance, development of cost-effective ride height and suspension leveling systems, introduction of new intelligent suspension products to enhance vehicle ride comfort, innovation in glass fiber suspension springs as lightweight alternatives, advancement in suspension technologies, development of semi-active rear axle suspension systems for improved performance, and integration of smarter and safer suspension systems for enhanced experiences.
Growth in the automotive industry is anticipated to drive the advanced suspension control system market in the coming years. The automotive industry encompasses a diverse range of businesses engaged in designing, developing, manufacturing, marketing, selling, and distributing automobiles. Essential for maintaining vehicle stability and supporting the weight of mounted elements, advanced suspension control systems play a crucial role. Notably, in May 2022, the India Brand Equity Foundation reported a 5.8% increase in total automobile industry sales, reaching 18.49 million units in 2021, compared to 17.47 million units in 2020. Additionally, the Alliance for Automotive Innovation projects a 14 million unit increase in automotive sales in 2020, further affirming that the automotive industry’s growth propels the advanced suspension control system market. Looking ahead to 2023, 2024, and 2028, these trends are expected to persist, contributing to market expansion.
Get A Free Sample On The Advanced Suspension Control System Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=7377&type=smp
What Are The Key Trends That Influence Advanced Suspension Control System Market Share Analysis?
Technological advancement is a prominent trend in the advanced suspension control system market. Leading companies in this sector are developing cutting-edge technologies to maintain their market position. For example, in November 2021, Tenneco, a U.S.-based original equipment manufacturer, introduced its CVSAe electronic suspension technology on the ZEEKR 001, an electric premium vehicle from Zhejiang Geely Holding Group in China. The CVSAe system adapts in real-time to changing road conditions using data from multiple sensors, providing optimal damping across various driving conditions. It offers customizable driving modes, ranging from comfortable to sporty, and is used in over 75 European passenger car models to enhance suspension performance.
Which Market Players Are Driving Growth In The Advanced Suspension Control System Market?
Major companies operating in the market are Continental AG, Tenneco Inc, ZF Friedrichshafen AG, Hitachi Inc, Thyssenkrupp AG, Magneti Marelli S.P.A, KYB Corporation, The Mando Corporation, BWI Group, Hendrickson Holdings L.L.C., Gabriel India Limited, Duroshox Private Limited, Tata AutoComp Systems Limited, Mando Automotive India Private Limited, Showa Corporation, Faurecia, Bosch, CIE Automotive, Grupo Antolin, Delphi Technologies, KYB Europe GmbH, Trelleborg Automotive Czech Republic s.r.o., Boge Elastmetall CZ s.r.o., Magna International, Multimatic, Rassini, Pirelli, BYD Co. Ltd., HL Mando, Penske Racing Shocks.
How Is The Global Advanced Suspension Control System Market Segmented?
The advanced suspension control system market covered in this report is segmented –
1) By Product Type: Semi-Active Suspension System, Active Suspension System, Other Product Types
2) By Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle, HCV (Heavy Commercial Vehicle), Other Vehicle Types
3) By Sales Channel: OEMs, Aftermarket
Read The Full Advanced Suspension Control System Market Report Here
The Advanced Suspension Control System Global Market Report 2024 provides an overview of the advanced suspension control systemmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The advanced suspension control system market forecast analyzes advanced suspension control system market size, advanced suspension control system market share, leading competitor and their market positions.
The Table Of Content For The Advanced Suspension Control System Market Include
1. Advanced Suspension Control System Market Executive Summary
2. Advanced Suspension Control System Market Segments
3. Advanced Suspension Control System Market Size And Template Market Growth Rate
4. Key Advanced Suspension Control System Market Trends
5. Major Advanced Suspension Control System Market Drivers
……
25. Key Mergers And Acquisitions In The Advanced Suspension Control System Market
26. Top Advanced Suspension Control System Companies
27. Advanced Suspension Control System Market Opportunities And Strategies
28. Advanced Suspension Control System Market, Conclusions And Recommendations
29. Appendix
Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
